How the day closed: indexes, leaders, laggards, and volatility.
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This is the CAMS Closing Market Recap for Tuesday, August fourth.
Stocks closed sharply higher, and technology did most of the lifting. The S&P 500 finished up about one point eight percent. The Nasdaq 100 gained roughly three point four percent, nearly double the broad market. The Dow closed up about one point seven percent, and the Russell 2000 small cap index rose about one point nine percent.
Breadth inside the Dow was strong. Twenty five of the thirty components finished higher against five decliners. Caterpillar led the group with a gain near five and a half percent, with Cisco up about five percent and IBM up close to four. At the back, Nike slipped roughly two and a half percent, UnitedHealth fell nearly two, and Chevron gave back about one and a half.
The sector picture was lopsided. Seven of eleven sectors advanced, but technology alone rose almost five percent, more than twice the next best group. Materials added close to two percent, industrials about one point eight. The defensive and commodity corners sat the day out. Health care finished essentially flat, energy fell about half a percent, and utilities a little more.
Volatility did something odd for a rally day. The VIX rose about four percent to just over sixteen and a half, so the demand for protection went up alongside prices.
The session in one line: a big advance carried by one sector, with the rest of the market along for the ride.
Tomorrow brings the ADP private payrolls estimate at eight fifteen Eastern and the ISM Services PMI at ten. Remarks from the President are scheduled for four thirty. It all lands ahead of Friday's monthly jobs report.
The desk will be watching tomorrow for whether participation spreads beyond technology, or whether one sector keeps carrying the whole tape.
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